After accepting an US$11 billion takeover offer from private equity investors, Australia’s Qantas is on the acquisition trail and plans to buy a minority stake in an Asian-based airline, executives revealed during a visit to Singapore. It’s currently carrying out due diligence on the regional carrier.

While the airline hasn’t been named, but there’s speculation it could be eyeing Vietnam’s Pacific Airlines.

Qantas says it will only buy a minority stake in the company, because of restrictions on foreign ownership.